Fleet Finance Inc., Atlanta, and its successor company, Home Equity U.S.A., have jointly agreed to pay the Federal Trade Commission $1.3 million to settle alleged truth-in-lending violations. The FTC said the money will be used for refunds for affected Fleet customers and to cover administrative costs. The agency alleged that Fleet and/or Home Equity violated the Truth in Lending Act by failing to provide or accurately provide customers who answered its direct response print and broadcast ads for mortgages and home equity loans with information about interest rates, repayment schedules, total indebtedness and cancellation rights.
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